Today, tomorrow and for many years to come, the most important asset your clients have is their ability to earn an income. It may not be sexy or exciting to talk about disability insurance (DI), but the chances that your clients will need DI at some time in their lives is high. One in four of those in their 20s will become disabled before they reach retirement age, according to 2020 data from the Social Security Administration.
Clearly, the risks of becoming disabled are high and the repercussions of not having DI can be incredibly detrimental to your clients, their families and their businesses. In a new survey, Life Happens found consumers without DI will take drastic measures to make ends meet, decisions that can negatively impact their long-term financial health: 38% of consumers would cash out their investments and 30% would pull funds from their kids’ college savings if they were unable to work and didn’t have DI. And — according to the “New American Milestones Survey,” which was released earlier this year by Life Happens — more than a quarter of them would ask to borrow money from a friend!
Disability Insurance Awareness Month
And this May is the perfect time to talk to your clients. Life Happens, a non-profit focused on educating consumers about the insurance products you sell, has been coordinating the industry-wide Disability Insurance Awareness Month (DIAM) campaign every May for the last 14 years.
We know DI can be a confusing topic, so we use real stories of Americans whose families and businesses have been financially protected by DI. We make these stories and other educational resources available to agents and advisors so that their clients can better understand how DI can provide peace of mind, if and when “life happens.”